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Far East, Arctic Development Corporation supports new mining, processing plant in Yakutia

According to the press service, capital investments will amount to 1$135 million, including investments in infrastructure facilities - the road and power line

VLADIVOSTOK, September 5. /TASS/. The Far East and Arctic Development Corporation and gold miner GV Gold (Vysochaishiy) during the Eastern Economic Forum in Vladivostok signed an agreement on construction and operation of the Maltan mining and processing plant in Yakutia's Oymyakon District, the Corporation's press service said.

"The agreement provides for extraction of ores and sands of precious metals (gold, silver and platinum group metals), as well a 42-km road between Maltan and Taryn, and a 20-km power line between the plant and Nelkan," the press service said. "Capital investments will amount to 12 billion rubles ($135 million), including investments in infrastructure facilities - the road and power line."

According to the press service, the Ministry for Development of the Far East and the Arctic is eying expanding boundaries of the advanced-development territory in Yakutia's north so that it included the Oymyakon District in the region's east.

GV Gold obtained a license to develop the Maltan Area in 2022, the press service continued. The company has continued a comprehensive exploration program to increase the resource base and prepare for further development of the project. Maltan is located in close proximity to the Tarynsky mining and processing plant, thus the gained experience in the region, infrastructures and administrative resources of the existing enterprise may be used.

About the company

GV Gold (Vysochaishiy) is a most dynamically developing mining enterprise in Russia, engaged in open-pit mining of ore deposits and gold mining at the country's largest placer deposit.

The company's key assets and projects are located in the Irkutsk and Yakutia Regions. The company unites four mining and processing plants with a total capacity of more than 10.5 million tons of ore per year and holds 52 mining and exploration licenses.

GV Gold has an extensive raw material base - JORC Code reserves amount to 5.3 million ounces, resources - 10.8 million ounces.

About the forum

The EEF is one of the largest international conferences in Russia. It has been held in the Primorsky Region’s Russky Island in Vladivostok since 2015. The Forum is the initiative of Russian President Vladimir Putin, who decreed that the event be held annually.

The forum's objectives and goals include promoting the accelerated growth of Russia’s Far East region; assessing its potential for exports; expanding international cooperation in the Asia-Pacific Region; showcasing the investment appeal of the region, its steadily progressing territories, and the Vladivostok free port.

The Roscongress Foundation has served as the Forum’s organizer since 2016.

TASS is the general information partner of the EEF.

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